Olusegun Obasanjo, a former president, stated that without a sufficient supply of power, all efforts and energies aimed at the economic and social development of Africa will be ineffective.Information Guide Nigeria

At the FIN International Trade and Investment Forum, a concurrent event with the United Nations General Assembly, UNGA, in New York, on Friday, Obasanjo and other world leaders gave speeches.

Obasanjo asserted that in order for Africa to flourish, Africans, their friends, and development partners must collaborate in order to acquire the necessary funds for obtaining adequate power. He stated that he personally thought that the resources were available.JAMB Result

Dr. Ngozi Okonjo-Iweala, the Director General of the World Trade Organization, who also spoke at the ceremony, noted that Africa could not industrialize or have a strong continental manufacturing base, and this development occurred right at that moment.

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The International Energy Agency anticipated a $28 billion yearly investment shortfall for energy for the continent up to 2030, the WTO boss said, adding that the green statistics of energy availability on the continent were illuminating.

Obasanjo, who participated in the event remotely, stated that African nations must foster an atmosphere that would attract investment for power generation, power distribution, and reliable power transmission.

He said, “Today, we have to think of grid systems, off-grid systems, and indeed individual domestic systems to take care of what is required, particularly in the rural areas.

“I will challenge this forum to really work out what should be the factors that our leader should consider, what should be the factors that Africans in the private sector will consider and what will be the factors that the foreign investors will need and consider to be able to power Africa in terms of our development economically and socially.”

Okonjo-Iweala favored finding answers to Africa’s energy crisis and asserted that without enhancing the value of our products through our manufacturing base, African nations could not enhance the continent’s share of the global market.

She also mentioned that increased access to electricity would hinder the future prosperity of African nations on the continent.

She said, “At the same time, the world is being buffeted by numerous manmade and natural exogenous shocks that are difficult for policymakers to manage.

“These shocks hit a continent struggling to manage simultaneous health, debt and energy crises with limited fiscal space.

“But we must not lose sight of the opportunities of this crisis. Africa is abundantly endowed with energy resources from gas to renewables, all waiting for investment.

“High global energy prices make new gas investments more evident, especially as a transition mechanism of will.

“Even as we strive towards renewables, let us focus on mutually beneficial energy investments for Africa and the world by taking up the opportunities to harness the continent’s gas and renewable energy resources.”